€300m Eurobond issue by Brisa

25 September 2012

Brisa ‐ Concessão Rodoviária, S.A. (“BCR”), the 100% Brisa owned special purpose vehicle that holds 100% of the main Brisa concession, has successfully issued €300m Eurobond. The bonds mature in April 2018 and carry a coupon of 6.875%. The issue generated an order book well in excess of the target issue size from over 100 accounts, with more than 80% of the final amount coming from outside Portugal. This successful bond issue (the second by a Portuguese corporate and the first ones since early 2011) enables BCR to cancel some short term facilities which are currently undrawn ahead of their natural maturity in October 2014, saving significant fees. The continued success in issuing medium and long term notes by BCR, attracting significant excess demand and achieving attractive all in rates, testifies to the positive attitude of market participants towards the company and its ability to proactively manage liabilities, despite the challenging financial markets and prevailing economic conditions in Portugal.

DISCLAIMER

This information note (“Note”) has been prepared by Arcus European Investment Manager LLP (“Arcus”) for use solely for information purposes. Arcus makes no representations or warranties to the accuracy or completeness of any past, simulated or estimated performance results contain herein, and further nothing contained herein shall be relied upon as a promise by, or representation by, Arcus whether as to past or future performance results.